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Number crunching: December 2012

Oahu real estate sales and median prices again increased in December 2012 over December 2011, but condos showed significant growth in both categories, according to resale figures from the Honolulu Board of Realtors (HBR).

According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, these are Oahu’s statistics at a glance:

• Condominium sales increased 20.4 percent, with 401 units sold in December 2012 compared to 333 sold at the same time in the previous year.
• The median price paid for Island condos was $335,000, which is 17.5 percent more than December 2011.
• Single-family home sales also saw an increase for the month, with 291 units sold—which is 8.6 percent more than the year before.
• Single-family median home prices experienced a slight bump, from $600,000 to $605,000. This is just a 0.8 percent difference over last year.
• According to the Days on Market indicator, sales of both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 30 days and condominiums listing for 26 days.

“December was another great month for the local real estate market, with the number of closed sales and the median sales price for condominiums experiencing double-digit growth,” says HBR President Kevin Miyama. “While the median sales price for single-family homes was relatively flat, the number of overall sales increased in what is typically a slower time in the real estate market. All of these are great indicators of our continued recovery.”

To see the full report, visit HBR’s website at www.HiCentral.com. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.

Posted on Monday, January 7, 2013 in Permalink